Teamsters Support Bills Aimed at Curbing Fuel Speculation

The Teamsters Union said Tuesday it supports a Congressional bill to help curb fuel costs.

Teamsters President Jim Hoffa said the union backed the measure, introduced by Sen. Byron Dorgan (D-N.D.), which it said would crack down on financial speculators who the Teamsters said have created a “bubble in the price of oil.”

“Supply and demand has nothing to do with $4 gas and sky-high jet fuel,” Hoffa said in a statement.

The bill would limit oil speculation by increasing oversight of energy markets by the Commodity Futures Trading Commission.

It is similar to a House bill introduced by Rep. Bart Stupak (D-Mich.), which the Teamsters also said it supports.

The CFTC is looking into speculation in energy markets, in response to soaring fuel prices.